Mastercard has launched Fintech Express in the Middle East and Africa (MEA), a program designed to facilitate emerging fintechs’ launch and expansion.
Leveraging the power of partnerships and Mastercard’s expertise, technology, and global network, startups will now be able to focus on innovation that drives the digital economy.
The program is designed for all types of fintechs: established fintechs wanting a direct license from Mastercard; as well as fintechs with the ambition to innovate through collaborating with ready-to-go Mastercard Engage partners.
It supports digital payment innovators by making it simple to collaborate with Mastercard and its partners to launch new fintech products.
Becoming an Express Partner helps brands simplify the launch of payment solutions, shortening the process from a few months to a matter of days.
Express Partners will also enjoy all the benefits of becoming a Qualified Mastercard Engage Partner.
“Startups are forming diverse collaborations with traditional financial institutions, and in the process manage to enhance competitiveness, while also bringing services and products to market that can have a real impact on consumers,” said Gaurang Shah, Senior Vice President, Digital Payments & Labs, Middle East and Africa, Mastercard.
In Africa, fintech startup funding is one of the most active business investments and Nigeria, South Africa, and Kenya represent the lion’s share of investment.
The MEA region also currently has over 1,200 fintech players, covering everything from credit to insurance to wealth management offered through a centralized cloud-based platform.
Some of the early players to have joined forces and created alliances under the new Express Partner program across Sub-Saharan Africa are Diamond Trust Bank, DPO Group, Selcom and Tutuka.
“ The world has changed dramatically over the last few months and we are fast embracing a fully digital economy,” said Farouk Khimji, Head of Products & Innovation at Diamond Trust Bank Kenya.